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Popular Direct Savings Account: 1.05% APY + 1.05% APY CDs


image credit: populardirect.com

Popular Direct is the online division of Popular, Inc. – a global financial services provider headquartered in Puerto Rico.

Depending on where you live you may see variations of this name. For example, they operate as Banco Popular in Puerto Rico and the Virgin Islands, and as Popular Bank in the U.S.

In this article, however, we’ll just be discussing the online division, Popular Direct, and their FDIC-insured savings products.

Like most online-only banks, Popular Direct is open membership and easy to join from a computer or mobile device.

Popular Direct is able to provide better rates on its savings products than most traditional banks, but its product suite is minimal. They offer just an “Ultimate Savings” account and standard CDs at this time. Both of which come with steeper than usual minimum deposit requirements.

We’ve also learned that Popular Direct will place a 60 day hold on any withdrawals for new accounts. So if you planned on moving funds in or out of their high yield savings account within 60 days of opening it, you may want to look elsewhere. Popular Direct notes that this is a security measure and your funds will still accrue interest during the holding period.

Popular Direct “Ultimate Savings” account APY + Details

Popular Direct savings accounts are federally insured by the FDIC up to $250,000 and direct deposit products with this bank are opened through Popular Bank.

Popular Direct Ultimate Savings account

BalanceAPY
$5,0001.05%

A Popular Direct Ultimate Savings account will earn you an APY of 1.05%. To put this in perspective the average yield for a savings account nationwide is hovering around 0.06% APY.

You’ll want to note all potential fees before opening a savings account with Popular Direct.

  1. If you close your account within 180 days of issuance, you’ll be charged a $25 fee.
  2. A monthly dormancy fee of $5 is applied to accounts that have been inactive for 12 months.
  3. A excessive withdrawal fee of $5 is charged for every deposit or transfer over the federally-enforced 6 transaction limit.
  4. A low balance fee of $4 is charged if account balances dip below $500.

Interest is compounded daily and credited monthly.

To transfer money into this account, you will need to link an external account with another bank. You can then initiate an ACH electronic transfer or set up direct deposit. From there, you may transfer funds electronically from a savings account to a certificate account as long as this doesn’t cause you to exceed the monthly transaction limit.

Popular Direct CD Rates + Account Details

Popular Direct certificate accounts are currently providing much lower yields than its variable rate savings account, however they still beat the national average(s) for their respective terms.

Popular Direct CD Rates

CD TermAPY
3 month0.20%
6 month0.25%
1 year0.40%
18 month0.45%
2 year0.50%
3 year0.65%
4 year0.85%
5 year1.05%

To give the annual percentage yields above some context, the national average for 1 year CDs sits at roughly 0.24% APY right now.

A steep minimum deposit requirement of $10,000 is required to open an account. Interest is compounded daily and credited monthly. Unfortunately with Popular Bank CDs, you may not withdraw credited interest prior to maturity.

The automatic renewal grace period on one of these accounts is 10 days after the date of maturity. Fees for early withdrawal from a Popular Direct certificate of deposit account are quite high.

Early Withdrawal Penalties

Early withdrawal:

  • from a term of less than 91 days will cost you 89 days’ interest,
  • from a term of 91 days to 12 months will cost you 120 days’ interest,
  • from a term of 12 to 36 months will cost you 270 days’ interest,
  • from a term of 36 to 60 months will cost you 365 days’ interest, and
  • from a term of 60 months or more will cost you 730 days’ interest.

Banking Experience and Customer Sentiment

There aren’t a lot of customer reviews for Popular Direct, but don’t expect too much from this institution based on the reviews that have been left. Out of 90 ratings on DepositAccounts, Popular Direct scored an average rating of 2 stars and 53 of the user reviews left were paltry 1-star ratings.

Most customer complaints seem to be about untrustworthy service with some users reporting deceitful representatives and broken contracts. Aside from that, the majority of customers are displeased with the dropping interest rates on Popular Direct deposit products and inexplicably frozen accounts. As for positive reviews, people like the competitive rates—especially those available a couple of years back.

Overall, people aren’t happy with Popular Direct’s web and mobile banking platforms either. The Popular Direct app has 2.1 stars on Google Play and 1.5 stars on the App Store. The online banking portal and apps have been described as “astonishingly terrible,” and “buggy.”

Other online-only banks that offer ATM or branch access to their customers have an edge over Popular Direct, as Popular Direct accounts can only be managed via online banking, mobile banking, and ACH authorizations through linked external bank accounts.

There is no Popular Direct ATM network in the U.S., but even if there were, members wouldn’t be able to use it. As of right now, Popular Direct doesn’t have a checking account in its product suite and might not any time soon. This means no debit or ATM cards.

To contact customer service and get the most appropriate service or answers, visit the Popular Direct website and find the link that most closely relates to your needs. The general customer care line is 1-(800)-274-5696 and representatives can be reached in this way 24 hours a day, 7 days a week. You can also get help by selecting the “Contact Us” link via “Support” through the website and sending a service request or sending mail to the address below: Popular Bank Attn: Popular Direct Products P.O. Box 4884 Miami Lakes, FL 33014

You will not be able to get the help you need through Popular Bank or Banco Popular if you are an online-only user, so be mindful of this.

Final Thoughts

Popular Direct CD accounts are undesirable for a number of reasons, but a Popular Direct Ultimate Savings account might work for you. Just remember, this bank charges customers a high number of fees for various account services on top of requiring high minimum opening deposits.

Spectrum Credit Union CD Rates – 1.35% APY + 1.10% APY Money Market


Spectrum Credit Union is a small financial cooperative with just over 100,000 members and less than $4 billion in assets, based primarily in San Francisco and Maryland. 

Founded originally as Bechtel Employees Federal Credit Union in 1973, the institution was first intended to serve the banking needs of Bechtel Corporation employees. Becthel Corp is an engineering firm that is one of the largest construction companies in the United States and is the 11th largest privately held company in the country.

Since becoming Spectrum Credit Union, the company made another acquisition in 2012 with the larger Chevron Federal Credit Union. Today, Chevron Federal Credit Union is the parent company to Spectrum.

Spectrum now serves employees of Bechtel, Charles Schwab & Co., residents of San Francisco and Maryland, and more.

Plus, even if you don’t fall within one of their location or employment-based eligibility brackets, you can always join a Spectrum non-profit partner foundation to become a member.

This credit union offers competitive CD and money market rates, making it a strong option for many savers despite a declining interest rate environment.

Spectrum Credit Union CD Rates + Account Details

As with most credit unions, your deposits are federally insured by the NCUA up to $250,000. Spectrum CDs can be opened with just $500, but the APYs scale slightly upward with larger deposit amounts. Below are the current deposit rates and terms available at Spectrum.

Spectrum Credit Union CD Rates

CD TermAPYAPYAPY
deposit amount:$500 – $50k$100k$250k
3 month1.00%1.00%1.00%
6 month1.00%1.00%1.00%
9 month1.00%1.00%1.00%
12 month1.05%1.10%1.15%
24 month1.05%1.05%1.10%
36 month1.10%1.10%1.15%
48 month1.10%1.15%1.20%
60 month1.15%1.20%1.25%

To put the annual percentage yields listed above in perspective, the current national average for 12 month CDs sits at just 0.26% APY.

Some online banks are still offering 12 month CDs with rates above Spectrum’s, but not by much. In fact, up until April 2020 Spectrum had the most lucrative APY anywhere in the country.

Dividends on these deposit accounts are compounded daily and credited monthly. You can opt to have these deposited back into the certificate, paid out by check, or automatically moved to another deposit account. 

If your balance drops below $500, you’ll stop earning interest.

There is a 10 day grace period on these accounts; if you make changes to a CD outside of this window, be prepared to pay for it. The early withdrawal fees for each term are as follows:

  • 12 months or less: three months’ interest 
  • 24 months: six months’ interest
  • 36 months: nine months’ interest
  • 48 and 60 month: 12 month’s interest

Spectrum Credit Union Money Market Rates + Account Details

Spectrum MarketEdge money market savings accounts offer rates well above the national average just like their deposit products, however, higher APYs can be found with a number of online banks.

Spectrum “MarketEdge” Money Market Rates

BalanceAPY
$250 – $249,999.991.00%
$250,000 +1.00%

There is no minimum balance requirement to meet to avoid fees, but you’ll only earn the above rates on balances of $2,500 or more. If your average daily balance comes in under $2,500, you’ll earn a more modest rate of 0.40% APY which is the same yield as their regular savings account.

There are no monthly maintenance fees and interest is compounded daily and credited monthly. Transactions are limited to no more than six per month.

Other Savings Accounts Offered by Spectrum Credit Union

The $25 Spectrum share that you’ll have to buy to become (and stay) a member of the credit union goes right into a Spectrum Primary Share Savings account. This account comes with an APY of 0.40% and can be added to (above the initial required share deposit). You’ll need to keep your balance above $25 to avoid a $5 monthly low balance fee.

image credit: spectrumcu.org

A lucrative youth savings account called MySavings account offers a promotional rate of 7.0% APY on balances up to $1,000. Spectrum members under 21 years of age are eligible for this account, and with a rate like this, it is a fantastic way to get kids excited about savings!

To open this account and earn the 7.0% APY, you’ll need to:

  • Have a Social Security number
  • Have a valid email address
  • Opt into eStatements within 60 days of opening and out of paper statements

Account balances that surpass $1,000 earn the standard APY of 0.40%. Keep your account total above $25 to earn interest, but don’t worry, you won’t be charged any fee for low balances.

Spectrum also offers another savings account type for anyone looking to put away money for specific purposes, called a sub-savings account. When you open a sub-savings account within your primary savings account, you’ll continue earning the same rate but will be able to keep designated funds separate.

There are no monthly maintenance fees for any Spectrum savings accounts. There is, however, a $25 overdraft fee and a $1 fee for out-of-network ATM transactions. Spectrum savings accounts are subject to federal regulation D transaction limits.

About Spectrum Credit Union + Eligibility

There are a number of ways to join Spectrum Credit Union. We’ll go over the easiest ways first. If you don’t find that you’re eligible, don’t worry Spectrum offers many loopholes for membership that allow practically anyone in the US to join. Keep reading to see all of the ways to qualify.

Individuals that qualify include:

  • Non-manual Bechtel and affiliate employees
  • Charles Schwab & Co. employees who work in, or are paid from, San Francisco
  • Spectrum family members or roommates
  • U.S. members and employees of Safari Club International or Project Management Institute, Inc.
  • Those that live, work, worship, or attend school in qualifying San Francisco neighborhoods (see below, call 510-251-6000 or 800-782-8782 to confirm eligibility)
  • Those that live, work, worship, or attend school in Maryland’s Frederick County, Thurmont, Woodsboro, Emmitsburg, or surrounding areas (call to confirm eligibility)

Qualifying San Francisco neighborhoods include:

  • Bayview
  • Bernal Heights
  • Chinatown
  • Financial District
  • Hunters point
  • North Beach
  • Portala
  • Potrero Hill
  • Russian Hill
  • South of Market
  • Telegraph Hill
  • The Mission
  • The Panhandle
  • Visitacion Valley
  • Western Addition

If you do not meet any of the above criteria, you can still join Spectrum by becoming a member of either the Contra Costa County Historical Society (CCCHS) for a $40 annual fee or the Navy League of the United States for (NLUS) for a $55 annual fee. Anyone can join these nonprofit organizations and membership to either will make you eligible for membership with Spectrum Credit Union.

The CCCHS, located in Martinez, California, is devoted to providing historical records and heritage of Contra Costa County to the public. Though many members of this historical society are members of other local historical groups as well, this is not required; and if you so choose, you can become a member without ever setting foot in Contra Costa County. The NLUS dedicates itself to serving members and veterans of the Navy through education and advocacy. 

Spectrum Credit Union participates in co-op shared branching with over 5,000 credit union branches. Spectrum members can also access and manage their money at any Chevron branch or through over 85,000 surcharge-free ATMs. There are nine Spectrum branches across California, Texas, Virginia, and Utah and six Chevron branches across California, Louisiana, Mississippi, and Texas.

At the end of the 2019 fiscal year, Spectrum/Chevron held nearly $3.6 billion in assets, and that figure includes $3 billion in net member loans. There are over 100,000 members across the country.

Final Thoughts

Although Spectrum Credit Union is rather tiny in size – both by membership and assets held – they still offer some of the best savings rates in the country of any federal credit union.

That said, reports of slow service and occasionally poor customer service can be found on a few review sites online.

Keep in mind, you’ll also have to manage banking without access to in-person branches if you don’t live near one of their very few physical locations.

Alliant Credit Union CD Rates & Savings Review


Alliant Credit Union is the 8th largest credit union in the country and the largest credit union in Illinois. This institution was established in 1935 by 146 United Airline employees under the name the United Airlines Employees’ Credit Union. Headquartered in Chicago ever since and now called Alliant, the financial cooperative serves 450,000 members nationwide today.

Alliant is not only large, but it’s also impressively decorated with various awards including “MONEY’s Best Credit Union of 2019,” “Bankrate Best Credit Union of 2019,” and “Nerdwallet Best Banks 2019.” There are many ways to become an Alliant member and take advantage of good CD rates and superb savings options.

Alliant Credit Union CD Rates + Details

Alliant Credit Union sells CD terms ranging from one to five years. There are no shorter term products such as 3 or 6 month certificates available, which is somewhat unusual, and terms are sold as ranges rather than fixed lengths.

Alliant certificate deposits are federally insured by the NCUA up to $250,000.

Alliant Credit Union CD Rates:

CD TermAPY
12 – 17 months0.65%
18 – 23 months0.65%
24 – 35 months0.65%
36 – 47 months0.70%
48 months0.75%
60 months0.75%

When opening the CD, you will first be asked to choose either a 12 – 48 month CD or a 60 month CD before making any deposits. If you choose a 12 – 48 month CD, then you will be asked to specify the exact duration within said range later in the account opening process.

When viewing the annual percentage yields above, keep in mind that the national average for 12 month CDs currently sits around 0.60% – and this figure is steadily dropping. Therefore you could safely say that Alliant has competitive rates of return for its certificates​ albeit more competitive offers through online banks.

All of the above terms require a minimum deposit of $1,000. Interest is compounded and paid monthly, which you can withdraw or reinvest as you please.

Early withdrawals are allowed but penalized unless within the 7-day withdrawal grace period upon your deposit’s maturity. If you do withdraw your funds within 7 days, you won’t earn interest on your money during that grace period, but you’ll get everything else back. If you need to withdraw funds outside of the 7 day grace period for any unexpected emergencies, here’s how you’ll be charged:

Alliant Credit Union Early Withdrawal Penalties on CDs:

CD Maturity PeriodsFee
12 – 17 monthsNumber of days’ interest since issuance up to 90 days
18 – 23 monthsNumber of days’ interest since issuance up to 120 days
24 – 48 or 60 monthsNumber of days’ interest since issuance up to 180 days

If you have a 24 month certificate and have to withdraw after 120 days of opening, for example, you will be charged 120 days’ interest—the total interest your account would have earned—but still receive your initial principal in full.

Opening an Alliant certificate account is easy because there are four ways different ways to do it:

  1. Online
  2. Call (800) 328-1935
  3. Mail in a ​certificate application
  4. In person at the Alliant branch

Other Savings Accounts Offered By Alliant Credit Union

Alliant Credit Union has three different savings accounts:

  1. high-rate savings account,
  2. supplemental savings account, and
  3. kids savings account.
Savings Account NameAPY
High Rate Savings Account0.75%
Supplemental Savings Account0.75%
Kids Savings Account0.75%

The ​high-rate savings account​ is your share in Alliant and is opened automatically when you become an Alliant member; this was ranked the best savings account of 2018 by NerdWallet and WalletHub as well as the best online savings account of 2017 by MagnifyMoney. With an APY rate of 0.75% compared to the national average of 0.07%, it’s easy to see why.

A high-rate savings account requires a minimum opening deposit of just $5—which Alliant pays for you—and a minimum average daily balance of $100 to earn interest. Withdrawals from this account, which must be pre-authorized, may not exceed six per month, per savings account. There are no monthly fees when you elect for eStatements and no maximum balance limits. Paper account statements cost $1 each.

There is no real difference between a high-rate savings account and a supplemental savings account other than that supplemental savings accounts are in addition to the required high-rate savings account. A supplemental savings account also earns a rate of return of 0.75% and needs an average daily balance of $100 to accrue interest. You may open up to 19 supplemental savings accounts.

One nice perk of Alliant savings accounts is that they come with Alliant Savings ATM cards if you don’t already have an Alliant checking account debit card. This makes accessing funds a whole lot easier because cards can be used at any of 80,000+ Alliant-affiliated ATMs.

Finally, there is the ​kid savings account​. This, like the others, earns 0.75% interest. Unlike the others, it’s only for individuals 12 years old and younger. Joint ownership with a parent or guardian that is an Alliant member is required. Everything else is the same for this savings account.

About Alliant Credit Union + Eligibility

There are 450,000 Alliant members across the country. Alliant currently has over $11 billion in assets and $8.5 billion in loans.

As big as this credit union is, there is only one physical Alliant Credit Union branch and it is the headquarters location in Chicago. Other than that, there is no way to do in-person banking. Unfortunately, Alliant does not participate in shared or co-op branching with other credit unions, but it does give its members access to over ​80,000 surcharge-free ATMs​, some of these Alliant-owned and some shared with other credit unions.

Nearly anyone can qualify for membership with Alliant Credit Union because there are five eligibility requirements:

  1. You are a current or retired employee of an business or organization in partnership with Alliant (search these ​here​).
  2. Someone in your immediate family or your domestic partner is an Alliant member.
  3. You live or work in a ​qualifying community​ around the Alliant headquarters in Chicago, Illinois.
  4. You are a member of a ​qualifying organization.
  5. You are a member of ​Foster Care to Success​ ($5 membership fee paid on your behalfby Alliant).

If you don’t otherwise qualify and choose to go the #5 route, all you have to do is show your support for Alliant’s partner charity, Foster Care to Success, by letting Alliant donate $5 under your name. Anyone can become a member this way. This nonprofit serves foster teens nearing the age limit of the foster care system by connecting them with educational and employment opportunities and resources.

The generous eligibility policies of Alliant make it possible for any U.S. citizen to join Alliant, but even ​non-U.S. residents​ can join as long as they have a valid Social Security number or unexpired ITIN.

Final Thoughts

Alliant Credit Union is one of the largest credit unions in the country for good reason. The APYs offered on both their deposit and savings products are solid when pitted against the current national average – although better deposit rates can be found through online-only banks.

Banking with Alliant means banking 100% through an ​app​, ​online​, or over the ​phone​ (unless you happen to live near the Chicago headquarters). If access to in-person locations is important to you, Alliant likely won’t be a good fit. But if digital banking is right up your alley, then so, probably, is Alliant.

PenFed Credit Union CD Rates – Up to 1.05% APY


PenFed headquarters in Tysons, Virginia. Image credit: bizjournals.com

Pentagon Federal Credit Union,​ commonly referred to as “PenFed,” is the third largest credit union in the nation—and the second largest federal credit union—with 1.75 million members across the world and $25 billion in assets. PenFed, originally called the War Department Federal Credit Union by the group of ten civilian War Department employees that founded it in 1935, is headquartered in Virginia today but started out in the Munitions Building on the Mall in Washington, D.C.

Though technically a military credit union, you don’t actually have to be a military member or dependent to join. There are a number of ways to qualify for membership with PenFed outside of this, including becoming a member of the nonprofit National Military Family Association for $17 or Voices for America’s Troops if you don’t meet any of the other requirements. Once a member, you’ll have access to modest rates on multiple savings products from this NCUA-insured credit union.

PenFed CD Rates + Account Details

PenFed offers a slightly wider range of certificate products than most credit unions with term options ranging from six months to seven years. Its CDs, called money market ​certificates,​ provide modest returns. These accounts are federally insured up to $250,000, easy to open, and fairly competitive compared to national averages.

PenFed Money Market Certificate Rates (CD Rates)

CD TermAPY
6 month0.40%
12 month0.70%
15 month0.70%
18 month0.70%
2 year0.75%
3 year0.80%
4 year0.85%
5 year1.00%
7 year1.05%

Although PenFed’s CD rates still beat the current national average(s) for their respective terms by a significant margin, better CD rates can be found through online banks or with other credit unions.

To put their 12 month and 5 year CD in perspective, the current national average for those terms sit at just 0.24% APY and 0.59% APY, respectively.

You’ll need a minimum of $1,000 to open any money market certificate account with PenFed. Though this is a higher-than-average opening deposit, the good news for certificate holders is that dividends are compounded daily and paid monthly (except for the 6 month certificate, which earns only simple interest, paid at maturity, on the principal) whereas many credit unions both compound and payout interest monthly.

Partial withdrawals from a CD account are not permitted under any circumstances, but full withdrawals are (for a price, of course). For a 6 month certificate, you’ll have to pay 90 days’ interest; for any other certificate (from 12 months to seven years), you’ll pay 365 days’ interest if you withdraw ​within a​ year of issuance and 30% of the gross interest earned if you withdraw after a​ year of issuance but before maturity.

PenFed Money Market Rates + Account Details

A money market account with PenFed requires an opening deposit of just $25, however their rates are quite low and do not compete with other banks we’ve covered such as Vio Bank or Discover Bank.

PenFed Money Market Rates

BalanceAPY
$25 – $9,9990.05%
$10k – $99,9990.10%
$100k +0.15%

The national average for money market rates sits at just 0.06%, so unless you have more than $100,000 lying around, you can expect below average payouts, paid and compounded monthly.

A PenFed money market savings account does not come with a monthly service fee or balance requirement. You are allowed no more than six withdrawals per month and you will be charged a fee of $10 for every excessive transaction. You may withdraw funds from a non-PenFed ATM, but you’ll have to pay $1.50 per.

Other Savings Accounts Offered by PenFed

PenFed offers regular savings and premium online savings accounts.

For a $5 deposit, you become a member of PenFed, purchase a share in the credit union, and open a regular savings account all at once. But this savings account is called “regular” instead of “premium” for good reason: it pays a rate of just 0.05% on any balance. For comparison, that’s 0.02% below average.

Dividends are paid and compounded monthly and you do have the option of withdrawing funds from an ATM with this account type. There is no monthly maintenance fee for a PenFed regular or premium savings account, but there are other fees you’ll want to watch out for. You will be charged an insufficient funds fee of $30 every time you try to overdraft your account and there is no overdraft transfer service, so stay on top of your account balances if you plan to join PenFed.

PenFed Premium Savings Account – 1.00% APY

Minimum DepositAPY
$51.00%

PenFed’s “premium savings account” offers an excellent APY of 1.00%. Interest is compounded and credited monthly and the account requires just $5 to open. Keep in mind this savings account does not allow for ATM transactions, so you will not be able to conduct any regular banking activity out of the account.

About PenFed Credit Union + Eligibility

In its 2018 Annual Report, PenFed reported growing by 80,000 members and $170 million in net worth for that year. Today, PenFed has 1.75 million members across the world and over $25 billion in total assets. It has members in every U.S. state as well as the territories of Guam and Puerto Rico and the prefecture Okinawa.

There are only 50 PenFed branch locations in select cities and states, but over 60,000 ATMs nationwide. To find ATMs and/or branch locations start here. You are more than likely within a mile of several ​ATMs accepted by PenFed.​ Some of these surcharge-free ATMs are branded as PenFed Credit Union and some of them are not. However, like other large credit unions, PenFed DOES NOT participate in shared or co-op branching. Branches can be found in Washington, D.C., Florida, Hawaii, Maryland, New York, North Carolina, Oregon, Tennessee, Texas, and Virginia.

PenFed membership eligibility is inclusive to just about everyone regardless of military affiliation. You can qualify for membership in any of the following ways:

  1. You are an active-duty or retired military member
  2. You are employed at a qualifying organization (such as a veterans service organization)
  3. You belong to a qualifying association (such as the American Red Cross)
  4. You are a United States government employee
  5. You live or work in a qualifying location

For a complete list of qualifying organizations, associations, and locations, go ​here. If you are not eligible in any of these ways, you can access membership by joining either the ​National Military Family Association ​for $17 or Voices for America’s Troops ​for $14.

The goal of both of these organizations is to help military members feel seen and heard. The National Military Family Association supports military families by bringing pressing issues that service members and dependents face to the attention of Congress and other decision-making officials when it matters most. Voices for America’s Troops advocates for career incentives in order to make a life serving in the military a sustainable option for soldiers and their families.

PenFed banking can be done in-person at a branch, ​online, or through the ​PenFed mobile app.​

Final Thoughts

There are pretty clear pros and cons of PenFed membership when you look at the numbers alone. For a certificate or premium online savings accounts, PenFed has attractive rates. For a regular savings or money market savings account, PenFed is not appealing.

Outside of just rates though, there are no membership or maintenance fees and there are countless ​discounts through parter organizations, such as TurboTax and Sprint, that PenFed members can take advantage of.

PenFed is one of the most inclusive credit unions in the country opening their doors to nearly any US citizen or resident.

Comenity Direct High Yield Savings – 1.10% APY + 1.10% APY CDs


image credit: direct.comenity.com

You may have heard of Comenity – the global credit card services provider with a product range featuring more than 145 retail-branded credit cards – but did you know they do FDIC-insured deposit accounts as well?

This corporation’s online banking services sector, Comenity Direct, offers online CDs and a high yield savings account featuring APYs well above the national average.

Comenity Direct scores high marks across many review platforms for its high-yield savings and certificate of deposit accounts – which require fairly low opening deposits, incur minimal fees and boast big rates.

That said, Comenity Direct isn’t perfect – customer experiences are mixed and other banks are going to have more options for accessing cash – but if high savings rates are what you’re after, the pros seem to outweigh the cons in a significant way.

Comenity Direct High Yield Savings Account APY + Details

Although FDIC insurance only covers you up to $250k, Comenity Direct’s high yield savings accounts earn interest up to $10 million.
BalanceAPY
$1001.10%

Recent Rate Drops on Comenity Direct’s High-Yield savings account:

  • dropped from 1.70% to 1.55% APY on May 18
  • and then from 1.55% APY to 1.45% on May 21,
  • and then again from 1.45% to 1.35% APY on May 29th,
  • and then from 1.35% to the current 1.10% APY on July 1, 2020

The national average, for context, has been hovering around 0.07% for several weeks and doesn’t seem likely to go up anytime soon. That said, remember that these online savings account rates are variable and can change at anytime without notice. Interest on the Comenity Direct High Yield Savings account is compounded daily and credited monthly back to the account. 

For such a strong rate of return, you might assume that these accounts require a high minimum opening deposit and balance, but this is not the case. As with many online savings account the minimum balance required to open and earn interest is quite low – at just $100. You’ll want to note that you wont earn interest if your balance drops below $100 and if it happens too frequently Comenity Direct may close your account.

There are few fees you should be aware of with the Comenity Direct High Yield Savings account:

  • $25 per outgoing wire transfer,
  • $15 per paper check, and
  • $5 per paper statement (in an effort to encourage fully paperless billing and banking).

As for monthly maintenance, incoming wire transfers, ACH transfers, and online statements, these are all free and there is, again, no low balance fee. In compliance with federal regulation D, you can make up to 6 transactions a month for free. An excessive withdrawal fee is not listed, so Comenity Direct may just prohibit transactions over this limit from going through.

To add funds when you open an account, link an external bank account and make a transfer or set up direct deposit. You cannot deposit cash.

Comenity Direct CD Rates + Account Details

Although FDIC insurance only covers you up to $250k, Comenity Direct’s certificates of deposit earn interest up to $10 million.

Like Comenity Direct’s savings account, their CD accounts are also miles ahead of the national average in terms of APY. You’ll also notice that rates still increase with the terms, which can’t be said for many institutions’ deposit products today.

CD TermAPY
1 year1.00%
2 year1.05%
3 year1.05%
4 year1.05%
5 year1.10%

To give these rates some context, the current national average for a 1 year CD is just 0.26% APY currently.

You can still lock in 12 month CDs above 1.00% APY through some credit unions but the pickings are slim.

These are all standard certificates. There aren’t any special, jumbo, or step-up CDs in their product suite at this time.

With a minimum deposit of $1,500, you can open a Comenity Direct certificate of deposit account under any term. The same fees apply for certificate accounts as with the savings account mentioned above with the only addition being early withdrawal fees.

Early Withdrawal Penalties

Early withdrawal policies with this bank are straightforward.

  • If your term is between 12 months and 3 years in length, you’ll owe 180 days’ interest for an early withdrawal.
  • If it’s greater than or equal to 4 years, you’ll owe 365 days’ interest.

Grace Period

The grace period is 10 days after maturity. You can let your account automatically renew after this period expires or cash out the full balance before the time is up. In other words, when your certificate matures, you’ll have 10 days to either add funds or withdraw funds and close the account.

Interest and Dividends

Interest compounds daily and is credited to your account monthly.

Dividends can be paid out via ACH transfer to a linked external account or to your Comenity Direct High-Yield savings account if you call customer service to make this request at least 3 days before the interest is applied. But unless you put in this request, your account will default to depositing credited interest back into the certificate.

Banking Reviews and Customer Sentiment

If you were to ask 10 different Comenity Direct customers how satisfied they were with their overall banking experience, you’d likely get 10 very different answers. This range is reflected in the thousands of online ratings left for the bank. 

If you go to DepositAccounts, for example, you’ll find a dead-average 2.5-star rating out of 22 reviews. If you go instead to ConsumerAffairs, you’ll see a single star. And over on WalletHub, 16,846 people have given the bank an average score of 3.8 stars. Keep in mind the sheer number of reviews on WalletHub versus the others likely make it the most accurate reading.

Taking customer feedback into account, Comenity Bank scores a little better than what’s normal for a respectable and trustworthy bank or credit union. And because Comenity Direct is an offshoot of Comenity Bank and offers only deposit and savings accounts through this company, these reviews are largely for Comenity Direct accounts.

Understand that many banks and credit unions are receiving harsh feedback from their users at this time amidst the panic of COVID-19 and all of the financial difficulty that has come with it.

The Comenity Direct app has just 2.5 stars on Google Play but 4.4 stars on the App Store. Do with this discrepancy what you will, but it seems like the mobile app performs better on Apple devices. Remember, you can also do your banking online if their apps are underperforming.

The Comenity Direct Customer Care Center is available to take your call from 7 AM to 11 PM (CT) Monday through Friday and from 9 AM to 5 PM on weekends and holidays. The number for this is 1-(833)-755-4354. You can also reach help online through the web banking platform. Unfortunately, there is no live chat feature at this time and no option for those that prefer sending an email or letter. 

There are no Comenity or Comenity Direct branches or ATMs, so ATM access is a no-go. But since there are also no ATM or debit cards offered with these deposit accounts, this shouldn’t be too surprising. This bank does not allow cash deposits, but you’ll be able to make and receive unlimited ACH transfers.

Final Thoughts

All in all, if you’re after respectable rates, there are many reasons to sign up for a Comenity Direct high yield savings or deposit account. What this online-only institution lacks in physical accessibility it makes up for in competitive rates. So as long as you are on board with the basic concept of online-only banking and see at-your-fingertips banking as a benefit of going digital rather than a hindrance, Comenity Direct is a strong choice.

Outside of attractive rates, Comenity Direct doesn’t charge many fees on its highly rewarding savings and deposit accounts. The accounts also compound interest daily and allow for unlimited ACH transfers.

Navy Federal Credit Union CD Rates – Still up to 3.50% APY!


Navy Federal Credit Union is the largest credit union in the nation by a wide margin and has been since the 1960s.

This massive financial cooperative was founded in 1933 by Navy Department employees as the Navy Department Employees’ Credit Union of the District of Columbia.

Dropping the unwieldy name and extending membership to all Navy employees worldwide (rather than just those in D.C.), the credit union became known as the Navy Federal Credit Union in 1954.

Fast forward to today, you no longer have to be affiliated with the Navy to become a member of Navy Federal, but you do need to have military or family ties to join.

Navy Federal is a global credit union with international locations and hundreds of branches, but you’ll want to consider factors beyond accessibility before applying for membership.

Acclaimed not for its savings accounts but for its loans and customer service, Navy Federal Credit Union could be a good option for you, but it depends on what you’re looking for. For information about Navy Federal’s suite of NCUA-insured deposit products, keep reading.

Navy Federal Credit Union CD Rates + Account Details

Navy Federal deposit accounts are federally insured by the NCUA up to $250,000 per depositor or $500,000 for joint accounts.

Navy Federal is unique in that it offers several different types of certificates, some standard and some variable-rate; some short-term and some requiring much longer investments.

Navy Federal Credit Union CD Rates

CD TermAPYAPY
deposit amount:$1,000 – $50k$100k +
3 month0.50%0.55%
6 or 9 month0.75%0.80%
12 month1.05%1.10%
18 or 24 month1.10%1.15%
3 and 4 years1.20%1.25%
5 – 7 years1.25%1.30%

Navy Federal standard certificate accounts require a minimum deposit of $1,000. To put these rates in perspective, the current national average for 12 month CDs sits at just 0.26% right now, so 1.23 – 1.30% for the same term is pretty good.

In a normal interest rate environment, Navy Federal certificate of deposit rates would vary by deposit amount, however in today’s market a minimum deposit of anywhere from $1,000 to $50,000 is going to have the same payoff in terms of APY.

Navy Federal also sells a 3 year variable rate certificate. This type of CD enables you to leverage upward market trends to earn more interest, but it also leaves you more vulnerable to downward market trends. 

Rates on these variable certificates adjust automatically at 12 and 24 months after issuance, at which point you can also add money if you choose, but will not decrease more than 0.50% of the original rate. The current APY on this type of account is 0.46%, which is exceptionally poor when compared to a standard Navy Federal 3 year CD, so you definitely don’t want to commit to one of these unless you’re almost certain rates are going to increase significantly within at least a year.

There are EasyStart and Special EasyStart certificates as well. See EasyStart rates below.

Navy Federal Credit Union Easy Start CD Rates

CD TermAPY
6 month0.60%
12 month0.90%
18 month0.95%
24 month0.95%

One benefit of an EasyStart certificate is that it only requires an opening deposit of $50, but these accounts earn slightly lower APYs than their standard counterparts, making this really only a decent option for those that don’t have at least $1,000 to deposit (and maintain) but still want to earn while they save. There is no maximum balance or account limit associated with these CDs.

image credit: navyfederal.org

The Special EasyStart certificate is a 12 month term with a $50 minimum deposit, $3,000 maximum balance, and a 3.50% APY.

A Special EasyStart certificate account is available only to Navy Federal customers that have checking and direct deposit accounts with Navy Federal. Money may be added to EasyStart certificates at any time. Customers are limited to one Special EasyStart account per member.

All certificate dividends are compounded daily and credited monthly. These will be deposited to the certificate account automatically unless a dividend distribution option is chosen when the account is opened. There is a generous 21 day grace period for Navy Federal certificates.

Early Withdrawal Fees

Early withdrawal from terms of

  • 12 months or less will be charged fees equal to whichever option costs less: 90 days’ interest or all dividends on the amount withdrawn since issuance/renewal.
  • Early withdrawal from terms greater than 12 months will cost either 180 days’ interest or all dividends on the amount withdrawn since issuance/renewal and from terms of five years or more will cost 365 days’ interest or all dividends.

Navy Federal Credit Union Money Market Rates + Account Details

Navy Federal money market savings accounts are fine, but you’ll see that they’re not particularly attractive.

Navy Federal Credit Union Money Market Rates

BalanceAPY
$0 – $9,9990.50%
$10k – $24,9990.55%
$25k – $49,9990.60%
$50k +0.65%

The current national average for money market accounts is just 0.08% APY to put these offers in perspective, however significantly better rates can be had through online institutions such as Vio Bank, Tab Bank, or Discover.

A $2,500 minimum average daily balance is required to earn interest, but you won’t be charged a fee if your balance drops below this. Dividends are compounded and credited monthly. For every transaction you make over the six transaction limit enforced under federal regulation D, you’ll be charged $10.

Other Savings Accounts Offered Through Navy Federal Credit Union

An initial share with Navy Federal costs $5 and gets you a Share Savings Account. This is also how much you’ll need to keep in your savings account. With an APY of 0.25%, this savings product isn’t ideal for growing your money, but it doesn’t come with many inconveniences such as monthly maintenance or low balance fees. It does come with a $3 quarterly inactivity fee if your account is inactive for 12 months during any given quarter. Dividends are compounded and credited monthly.

Navy Federal also offers a SaveFirst Account with an APY of 0.50%. With a slightly better rate of return but equal minimum deposit, this account is a better option for anyone wanting to put money away for designated purposes like weddings or vacations. Select a term between 3 months and 5 years and watch your deposit grow (a little). Dividends are compounded daily and credited monthly. This savings account is going to earn you more than a share savings account, but a money market account might be a better option.

About Navy Federal Credit Union + Eligibility

Navy Federal blows other credit unions out of the water with its asset and membership numbers. They hold more than $112 billion in total assets and over $86 billion in member savings and deposits, with just shy of 9 million total members.

Though the credit union is headquartered in Virginia, you don’t have to live anywhere near Virginia to access Navy Federal branches or ATMs. There are 343 branches worldwide, some on military bases and some overseas in 26 international locations. In the U.S., Navy Federal has branches in metro D.C., Virginia, California, and Florida. They do not participate in shared branching, but they are part of a network of over 30,000 co-op ATMs.

To be eligible to join Navy Federal, you must have ties to the Department of Defense, the armed forces, the National Guard, or have a family member that does. Navy, Marines, Army, Air Force, Space Force, and Coast Guard active duty and retired members all qualify for membership. This credit union is not open membership and you may not join if you do not meet the above membership criteria.

Final Thoughts

Navy Federal has come to be known for its commitment to its customers. It receives high marks on the loan side and has better than average APYs on the savings side.

It’s also the largest credit union in the country with far-reaching accessibility.